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Figure Procyclical Leverage and Arm Length Financial IMF

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Figure Procyclical Leverage and Arm Length Financial IMF Powered By Docstoc
					Figure 4.13. Procyclical Leverage and Arm’s-Length
Financial Systems

There is more evidence of procyclical leverage by commercial banks in arm’s-length
financial systems.


                                                                                   0.4
                               United Kingdom



                                                Netherlands                        0.3
                  Belgium        Denmark




                                                                                          Degree of procyclical leverage
                                           Canada               United States




                                                                                           (from median regressions)
        Austria
                                                                                   0.2
                        France
                                                    Australia
             Germany
                                           Norway
                                Spain
                  Finland                                                          0.1
                                    Sweden


                                   Italy
                                                                                   0.0
                               Japan


                                                                                   -0.1
0.2         0.3          0.4            0.5         0.6          0.7            0.8
                                   Arm’s-length index


 Source: IMF staff calculations.

				
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